Correlation Between Valneva SE and JPMORGAN
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By analyzing existing cross correlation between Valneva SE ADR and JPMORGAN CHASE CO, you can compare the effects of market volatilities on Valneva SE and JPMORGAN and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Valneva SE with a short position of JPMORGAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Valneva SE and JPMORGAN.
Diversification Opportunities for Valneva SE and JPMORGAN
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Valneva and JPMORGAN is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Valneva SE ADR and JPMORGAN CHASE CO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JPMORGAN CHASE CO and Valneva SE is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Valneva SE ADR are associated (or correlated) with JPMORGAN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JPMORGAN CHASE CO has no effect on the direction of Valneva SE i.e., Valneva SE and JPMORGAN go up and down completely randomly.
Pair Corralation between Valneva SE and JPMORGAN
Given the investment horizon of 90 days Valneva SE ADR is expected to under-perform the JPMORGAN. In addition to that, Valneva SE is 17.54 times more volatile than JPMORGAN CHASE CO. It trades about -0.08 of its total potential returns per unit of risk. JPMORGAN CHASE CO is currently generating about 0.07 per unit of volatility. If you would invest 8,917 in JPMORGAN CHASE CO on August 31, 2024 and sell it today you would earn a total of 467.00 from holding JPMORGAN CHASE CO or generate 5.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 98.93% |
| Values | Daily Returns |
Valneva SE ADR vs. JPMORGAN CHASE CO
Performance |
| Timeline |
| Valneva SE ADR |
| JPMORGAN CHASE CO |
Valneva SE and JPMORGAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Valneva SE and JPMORGAN
The main advantage of trading using opposite Valneva SE and JPMORGAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Valneva SE position performs unexpectedly, JPMORGAN can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in JPMORGAN will offset losses from the drop in JPMORGAN's long position.| Valneva SE vs. NuCana PLC | Valneva SE vs. Sage Therapeutic | Valneva SE vs. Sellas Life Sciences | Valneva SE vs. Third Harmonic Bio |
| JPMORGAN vs. Regeneron Pharmaceuticals | JPMORGAN vs. Grupo Aeroportuario del | JPMORGAN vs. Valneva SE ADR | JPMORGAN vs. Abcellera Biologics |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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